Smart Healthcare Products Market to Reach US$57.85 bn by 2023 with Transformation of Healthcare IT Underway
Currently, the smart healthcare sector is trending and is going through many changes including the increasing use of information and communication technologies to identify the health challenges and issues faced by patients. Advancements in programming arrangements and equipment have boosted the growth of the healthcare sector in the recent past. Smart healthcare is motivated towards the development of interconnected healthcare ecosystems to improve the use of computational analysis practices, computational technologies, communication media, and smart devices.
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Smart healthcare, as a multi-disciplinary domain, involves many scientists, researchers, and clinicians offering a wide range of healthcare services and expertise in social science, healthcare, public health, engineering, and health economics and management. The global smart healthcare products market is predicted to progress from US$29.4 bn in 2015 to US$57.8 bn in 2023, expanding at an 8.84% CAGR from 2015 to 2023. Factors such as innovations in healthcare IT are predicted to drive the global smart healthcare products market throughout the forecast period.
Smart Pills Segment to Dominate Global Smart Healthcare Products Market
Innovations in healthcare IT and advancements in healthcare products are predicted to propel the global smart healthcare products market in the years to come. The global smart healthcare products market is segmented on the basis of geography, product type, and application. By application, the global smart healthcare products market is classified into health data storage and exchange, inventory management, and monitoring and treatment. At present, the inventory management segment dominates the global smart healthcare products market. Increased implementation of smart cabinets to manage medicinal supplies is predicted to propel the inventory management segment in the years to come.
By product type, the global smart healthcare products market is classified into smart syringes, smart RFID cabinets, smart pills, and electronic health records. Currently, the smart pills segment dominates the global smart healthcare products market owing to the rise in the cases of colon cancer and the increase in patient preference towards minimally invasive surgeries.
APAC to Surpass North America to Acquire Largest share in Global Smart Healthcare Products Market
The global smart healthcare products market is divided by geography into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Currently, the global smart healthcare products market is led by North America. However, in the years to come, Asia Pacific is predicted to be the fastest growing market in the global smart healthcare products market due to factors such as the growing digitalization in the healthcare industry, the increasing number of organizations dealing in smart healthcare products, and the growth in the number of SMEs.
Epic Systems Corporation, eClinicalWorks, Medtronic, Becton Dickinson and Company, Stanley Healthcare, TAGSYS, Allscripts Healthcare Solutions, Inc., CapsoVision, Inc. Olympus Corporation, and Terumo Corporation are some of the key companies operating in the global smart healthcare products market. The introduction of new smart healthcare products and enhancements made in the existing products are predicted to propel the global market for smart healthcare products in the next few years. Furthermore, mergers, partnerships, and acquisitions are expected to help leading players maintain their dominant position in the global smart healthcare products market.
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